Buying A Home? Know Your Numbers!

Tax Credit Ending Soon! 

With the Homebuyer's Tax Credit set to expire soon, many buyers have gotten off the fence and are frantically running around trying to buy their first home.  Many of these buyers are becoming frustrated by the process.

There seems to be 2 common theme these days. Either, everything they see is under contract or has multiple offers as soon as they see it, or they are outbid on their offer. 

So what is the answer?  How do you have success as a buyer in this market?  How do you get your offer accepted? 

It really is very simple.  You need to understand the market and make your best offer from the beginning.  While it may be a buyer's market in general, the neighborhood that you're looking at may be moving quickly.  As inventory decreases, prices will go up.  The law of supply and demand.  In the Metro Atlanta area, inventories are definitely decreasing.

The chart below shows the last 24 months of history for active listings for Dekalb County Single Family Homes.

For March 2010, there as been a 23.4% decrease in active listings vs. March of 2009.  February 2010 had 28.5% fewer listings than February 2009. 

So what does this mean.  Simply put, if there are fewer houses to choose from and more people trying to buy, competition is going to be fierce.  Look at the chart below. 

This chart shows what is happening in the last 2 months in Lithonia, GA.  You can clearly see that in some price ranges, houses are selling above list price.  This is just 1 example of what is really going on with home prices. 

When you find the shiny penny in the group, you will not be alone!  Everyone else will see the value in the same home that is price aggressively and is move in ready. 

When you are ready to write the offer, give yourself the best chance to win. Do Not be afraid to offer more than list price.  It doesn't mean you overpaid. 
After all, prices have declined substantially over the last 2-3 years so go in knowing that you are still getting a great deal.   

if you need specific information for your area, Call Us at 678.229.8767 or visit our website at HomesByUrsula.